The British Pound Takes On The Swiss Franc
Posted by Allison on 14 May 2010, 14:07
At the end of March we saw the British pound settling on an exchange rate of 1.6044 with the Swiss franc. But what kind of results would we see on the currency converter from that point onwards?
Let’s find out now. There was a drop to finish the week on 1.6024, but this was only a minor difference and not enough to unduly concern us. As the next week kicked off though, we saw a much bigger difference.
By the end of that Monday evening the exchange rate had gone up to a much better 1.6234, and the next few days saw more improvements. As the end of the week rolled around the British pound found itself snagging a total of 1.6472 against the Swiss franc.
So far the month of April had been pretty good for the pound. But as we know you can never tell what will happen from one day to the next, and there was a long way to go before the end of the month finally turned up. Could the pound manage to improve its standing even more before then?
As we might expect after such a good week, the pound slipped a little at the start of the following week by dipping to 1.6309. However this was not unduly worrying and when the pound managed to come back to finish on 1.6347 on Friday evening, it seemed it was doing well enough. The next Monday saw another dip to 1.6291 but once again we recovered well by claiming a rate of 1.6353 the following day.
This turned out to be something of a turning point however, as that figure on the 20th was replaced by a better one of 1.6489 on the 21st. Two more increases on the next two days left the British pound sitting proudly on an exchange rate of 1.6551 by the end of that week. We were now a long way from where we had started the month and we were fast approaching the last few days of trading. Could we hang on to the good gains we had made so far, or did the Swiss franc have other ideas in mind?
Monday looked positive as the pound finished with a flourish on 1.6629. But this was to be the best rate for the whole of that last week. With that fact firmly in mind, how much would we lose before the whole week – and month – was over? Could we hang on to the majority of our spoils?
In actual fact the lowest point of the week occurred midweek on Wednesday, when the pound slipped back to a rate of 1.6468 against the Swiss franc. We now had two days in which to try and gain something back, and we managed to do just that. By the end of the month we were on 1.6478, which meant we had gained 0.0434 against the Swiss franc over the course of the month. This is what we call a great result.